Royal London premium savings

Fund

Royal London 360º

Type:

Investment product

Description: Royal London 360 has updated Quantum, its international regular premium savings product. Changes include a 100 per cent allocation for all regular premiums and the Australian dollar has been added as a new policy currency bringing the possible fund denominations to seven. The product offers direct access to more than 180 funds and all are direct investment only, with no mirror funds.

Conditions: This product is available to single and joint life investors in the international markets, excluding the UK, Hong Kong and Lebanon. There is a minimum premium of £200 a month and a minimum premium term of five years. There are no additional credit card fees.

Contact: www.royallondon360.com/quantum

Verdict: Christopher Rowe, IFA for Cornwall-based Worldwide Financial Planning, said: “The full allocation of premiums is a positive enhancement to the offering while the various currency options allow for a large degree of flexibility and scope to appeal to a wide and far-reaching expatriate client base.

“However, as an adviser firm, we have always been wary about products that offer various enhanced bonuses or allocations, as these have to be paid for somewhere within the plan. The terms and conditions are not exactly straightforward either. One might do well to understand the various charges applied to ‘early withdrawals’ based on policy terms, the harshest of which could reach a staggering 91.5 per cent.

“The aforementioned flexibility seems a high price to pay for such complex terms and potentially high early encashment charges.”

two stars